ESTATE PLANNING IN BEVERLY HILLS, CA

Estate planning is a necessary preparatory measure for individuals at any stage of life. Establishing a holistic inheritance plan by including tools such as living trusts can ensure that your wealth and assets are handled according to your wishes, therefore preserving your legacy, and benefiting your loved ones. This explains why many Beverly Hills residents are looking to estate planning attorneys to help implement their vision and ensure their legal and financial rights are protected in the event of their death or incapacitation. At Kushner Legal, we value our client’s goals and can create a legacy plan to match. Through a variety of legal strategies, we ensure that their future legacy plans are in order and that their assets, such as a family home, are protected. Let us help you reduce the burden of estate planning.

Kushner Legal is an estate planning law firm serving Beverly Hills CA that can help answer your questions, such as understanding the difference between wills and trusts. Timing can be critical in estate planning, so it is important to contact Kushner Legal and get your questions about estate planning answered today. We can discuss your matter over the phone, over Zoom, or meet you at our office or a convenient location in the Beverly Hills area.

 

What Is Estate Planning?

To understand estate planning or legacy planning, one must first know what is involved in an "estate". A person's estate is the collection of their property, assets, wealth, and other possessions. Everything of value that a person owns is considered their ‘estate'.

But what happens to that estate when the person dies? Estate planning answers that question, among others. An effective estate plan can name the individuals who will inherit their assets, known as ‘beneficiaries'. It can dictate who will manage affairs and decisions if the person is incapacitated or passes away. Comprehensive estate plans are comprised of a few different elements, which can include a combination of the following:

  • Last Will and Testament (will) or living trusts
  • Revocable or irrevocable trusts
  • Durable power of attorney documents and/or advanced healthcare directives
  • Beneficiary designations

In essence, an estate plan is used to describe how a person's estate will be distributed following their death, how children will be cared for, and who will make financial or medical decisions if the person is unable.

 

When Should I Begin Estate Planning?

Ideally, you should begin inheritance planning as soon as you have assets or dependents or if you have specific wishes for how your affairs should be handled in the event of your death or incapacity. Many people mistakenly believe that estate planning is only for the elderly or wealthy, but it's beneficial at various stages of life:

  1. Young adults: Once you reach adulthood, you can create basic documents like a will or power of attorney. This ensures that someone can make healthcare or financial decisions for you in case of an emergency.
  2. Parents: If you have children, estate planning is crucial for designating guardians, ensuring your children are cared for, and providing financial security in the event of your passing.
  3. Homeowners or significant assets: If you own a home or have other significant assets, estate planning helps you manage how those assets will be distributed after death and can reduce tax burdens for your heirs.
  4. Major life events: Marriage, divorce, the birth of a child, or acquiring significant wealth are good triggers to begin or update your estate plan.

It's also wise to revisit and update your estate plan regularly to reflect changes in family dynamics, laws, and financial situations. Starting early ensures your wishes are honored and reduces stress for loved ones.

 

What Are the Benefits of Estate Planning?

There are several benefits to creating an estate plan. An effective estate plan can ensure the following:

  • Wealth distribution: wealth is distributed according to your wishes and your assets go to the proper beneficiaries (individuals or organizations).
  • Tax Benefits: Minimize taxation of inherited assets.
  • Avoid Probate: Avoid a lengthy and costly probate process. Read about the Benefits of avoiding probate.
  • Protecting Loved Ones: You can designate guardians for minor children and ensure financial stability for beneficiaries.
  • Avoid Family Disputes: It is not uncommon for familial or creditor disputes to arise. A solid estate plan can prevent this.

By reducing uncertainty concerning your wishes, it can help ease the burden on your loved ones following your death. Distributing a loved one's property can be very stressful on those involved. Estate planning can help avoid many of these problems. Overall, estate planning is a proactive way to plan for the future, reduce uncertainties, and protect your assets.

 

Is It Necessary To Hire A Beverly Hills Estate Planning Lawyer?

While it is possible to craft an estate plan at home, seeking legal assistance can ensure that these documents are valid and enforceable. The California Probate Code sets forth many stringent requirements for wills, living trusts, and power of attorney documents. Many common mistakes in the estate planning process can also render an estate plan obsolete. Furthermore, there are an array of strategies available when estate planning. An experienced attorney can help structure your assets in such a way that they are fully and completely protected under the law.

 

How Can Kushner Legal Assist with My Estate Plan in Beverly Hills?

At Kushner Legal, our experienced Beverly Hills estate planning law firm is ready to implement a plan that benefits both you and your loved ones. Through a tailored estate plan, it is possible to prevent your assets from being wrongly distributed and subject to steep taxes and probate costs. Kushner Legal takes a client-centered approach and works to fully understand your vision before offering counsel. By doing so, we are better able to help our clients solidify the future they want for themselves and their loved ones. To get started today, call us at 310-279-5166.

 

Estate Planning - Related Info

 

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